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Prashant Katikar

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The Changing face of Smart Devices

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From fitness tracking devices to GPS and Automotive displays and even connected home security the Internet of Things aka IoT and smart devices are commanding serious column inches in the media these days. But the reality is, Can we expect this to change? Likely yes, as the reality set in that this abundance of Internet-connected smart devices has the potential to make our world effective.

But security and privacy concerns remain a struggle for IoT manufacturers. So how can manufacturers take steps to allay these concerns and drive adoption?

Adoption rising

What consumers do not recognize is that support of IoT is not as elevated as news reports claim. In combination with the Ponemon Institute, more than 600+ U.S. customer’s to put together a study called Privacy and Security in a Connected Life. The report commenced that around 95 percent of people had no plan to gain the future for use Google Glass, and more than 90 percent had no purpose to use smart security systems for their dwellings. The number was equivalently elevated when it came to smart home thermostats (92%), fitness trackers (92%), and connected kitchen appliances (84%).

All the same, it is believed that this is not likely to remain the case for long. There was a recent study of more than 1500 U.S. consumers by digital marketers Acquity Group found that support of IoT technology is “imminent” as fascinating, new B2B and B2C use cases surface. It pronounces that nearly two-thirds of customers plan to purchase a connected home device in the next 5-10 years and purchasing of wearable smart devices will double by next year, reaching an adoption rate of more than 25percent.

Now for the Obstacles

Major obstacles continue to thrive action for IoT approval. Involvement over privacy were expressed by more than (20%) of buyers when it came to IoT devices and less (20%) for wearable devices, according to groups like, Acquity Group. A majority of consumers feel Micro they were either unsure or didn’t believe that the benefits of IoT outweighed their security and privacy concerns.

Part of the lack of confidence comes from a lack of communication by the smart device merchants about how, where and for how long consumer info is used, which left people feeling confused and concerned. But there’s also a serious fear that security defects in the devices themselves and the ecological, built around them could cause them to have glitches or even allow hackers to gain access to systems. As “IoT” is an increasingly central role in our essence, such concerns will advance only.

Operation: Action

Acquity Group reported, incentivizing consumers with “coupons for helpful information” would make them more accessible to info sharing with third parties. But according to other surveys like IHS Inc. survey, consumers are more concerned about IoT security (75%) than privacy (44%).

So the question remains, what can IoT manufacturers do to reform security and ease privacy concerns?

Follow an essential principal of “security by design,” if consumers build their defences from the start as oppose to attacking them once a product has been designed and limit the amount of data you assembled and confine the duration it is kept to lower the risk of a damaging the product. Create a layered security approach to cyber defence, from endpoints to early detection of targeted threats on the network. Last but not least ensure all employees are well trained and understand the importance of cyber security.

In addition, vendors must also hold contractors and other third parties to equal high-security standards as internal employees and administer stiff access controls along the lines of “less privilege”. In regards to wearable devices, vendors should provide security as soon as serious issues are detected.

 

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Connecting Dots between IOT and Retail

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While most of the business investors are looking at the largest revenue generating consumer market industry – ‘The Retail’ with expectation, the uncertainty that follows even the retail insiders is – What’s Next?

While working with large retail giants across North America for addressing their challenges and pain areas, We can analyse that the retail industry is going through radical shifts of technology in response to expectations and demand for consumer, The combination of Digital Transformation, Social Media Selling and Mobility has created a world where consumer creates a high bar for expectations and want to buy whenever, wherever. The question is WHAT NEXT FOR RETAIL STORS? With the revolution of mobility, digital, social the nature of retail shops and applications will become more innovative. Breaking the pathway for IoT technology in retail.

The IoT is breaking down traditional industry boundaries. Your customers are individuals with interests that build interactions in almost major service line. Think of the cross section of industries that enable connected devices, smart homes, and smart selling at retail shops. With increasingly sophisticated technology, these businesses, can now intersect to create a unified user experience across all the modes of selling and communication, creating value addition for the loyal customer and new pathways for establishing companies for business opportunities.

The IoT is the core of this transformation. It is a bridge between device, people, and product/service to streamline the flow of information, enable real-time inputs and decisions and rise up the consumer experiences. Leading retail giants are already investing billions in the IoT. They started to transform their business technology and realized that, in time, the IoT will include every aspect of retail operations and customer engagement. How we can leverage best out of this technology transformation? This should be the utmost priority for successful IoT implementation.

The Era of Customer Engagement

To engage with young demographic who digital natives and customer loyalty program is just not limited to, email and bonus points on the cards. The young generation needs more personalized treatment catering to individual choice.

To fulfil this demand IOT will play a big role by integrating their existing cloud POS system with seamless data integration. The big brands are desperately in need for machine-learning and analytics, to learn more about the individual customer buying pattern, choices, offering exciting offers depending upon customer loyalty towards one particular brand. This will create an automated system with minimum human intervention.

Retail Innovations for IoT

  • Automated Merchandising and Operations – Digital signage, RFID-enabled sensors on products, Automated racks and temperature controllers for perishable food, Smart fulfilment centres, Perishable and cold chain quality and usability tracking, Automated store problem detection and Fleet operations management. CCTV data analysis and setting up preventive measures.
  • Personalized Marketing – Seamless digital experience. Smart social connection through multiple platforms. Creating personal buying behaviour analysis for future product reference.
  • Exceptional Customer Service – Automated checkouts options via smart devices – Vehicle assistance at the premises of Shop, Emergency and security assistance, Automated checkouts via smartphones, Automated vending machines suggesting with personalize choice, Connected homes with suggestions with loyalty programs and Wearable devices.

Components of IoT engagement

  • Devices – Devices such as scanners, communication channles, inventory management, scanners, cameras, access control system, and point of sale, inventory management, and digital signage do play crucial role for assessing customer data.
  • Analtyics – Even though huge data can be generated everyday through IoT service device, it is very important to create some meaningful information/insights/analytics out of it.Analytics plays an importance role for product launch, pricing strategy, inventory management, branding – promotion and create purpose and holistic approach about our store marketing and operation. Analytics to help to predict future trends upto some extent.Retailers need to invest heavily in the technology likes IoT, Cloud POS, Ecommerce real time analytics, Big data and predictive analytics this will boost the ROI drastically and will create the another wave of revolution in the retail industry.